CAFETERIA TAX SAVINGS PLAN
-
Rollins College established a Cafeteria Tax Savings Plan on January 1, 1991 in which elected
premiums are sheltered on a before-tax basis (under Section 125 of
the IRS Tax Code) for the following programs:
-
Medical Insurance
-
Dental Insurance
-
Voluntary Life Insurance- employee portion only
-
Cancer Insurance
-
Heart Care Plus Insurance
-
Flexible Spending Accounts were originally part of the Rollins College
Cafeteria Plan; as of April 2004 these programs are provided through the
Independent Colleges and Universities Benefits Association (ICUBA)
-
By sheltering premium contributions to these programs on a before-tax
basis, reported taxable income and FICA payments will be reduced, thus resulting in
a greater amount of disposable income
-
Limitations:
-
New employees have thirty (30) days from hire date to elect these pre-tax
benefits or must wait until open enrollment if not elected within first 30
days.
-
Open Enrollment is once a year in February and/or March. Changes
can be made to any pre-tax benefits for the new plan year of
April-March during the specified open enrollment period.
-
Domestic partners and domestic partner's children can only receive pre-tax
savings if Section 152 dependent status is claimed. Otherwise, the
employee’s portion of premiums for the domestic partner/children must be paid
for on an after tax basis. See Domestic
Partner Benefits Policy 300.95 for further information.
-
Coverage changes to these plans throughout the plan year (April-March) are
not allowed unless a qualified family status change occurs. Changes
to these benefits must be made within thirty days of the family status change. See Changing
Coverage During the Year on the benefits webpage for further information. Examples
of status changes include
but are not limited to:
-
Birth/Adoption
-
Marriage or Divorce
-
Changes in spouse's employment
-
Employment switching from full-time to part-time or vice-versa